Binh Duong to get economy back on track in 2022
The southern province of Binh Duong looks to get its COVID-stricken economy back on track this year, aiming for an increase of 8 – 8.3 per cent in Gross Regional Domestic Product (GRDP).
Last year, the fourth COVID-19 wave took a heavy toll on the local economy, lowering growth to just 2.79 per cent.
The 2022 GRDP per capita is expected to reach VND169.8 million (US$7,478), higher than VND153.6 million of the previous year.
The province also targets the Industrial Production Index (IIP) to grow 8.9 per cent and foreign trade to gain 17 per cent this year.
It plans to contribute VND60 trillion to the State budget, attract about $1.8 billion in foreign direct investment (FDI), and raise total social investment by 10 per cent in 2022, while creating about 35,000 new jobs.
To this end, Binh Duong intends to give priority to developing supporting industries and the manufacturing and processing sector, with the use of advanced and environmentally-friendly technologies, in order to allow more local enterprises to enter global value chains.
Additionally, it will accelerate the development of infrastructure at industrial parks and clusters, build clusters for supporting industries to meet investors’ demand, and enhance the effectiveness of logistics services.
According to Chairman of the provincial People’s Committee Vo Van Minh, the province experienced the worst-ever COVID-19 resurgence last year, which wreaked havoc on all socio-economic aspects. But thanks to effective virus containment in the last few months of the year, the economy bounced back, he said.
In 2021, the province posted trade surplus of $6.8 billion, with exports totaling $31.5 billion and imports $24.6 billion. It contributed VND61.2 trillion to the State budget, 4 per cent higher than the yearly plan.